Tag Archives: GBPNOK

The GBPNOK reversal did not go too far. In fact it barely scratched the 1:1 R/R failing at its previous high above 9.8000 and now seems having enough bearish momentum to hit the stop level of the reversal pattern.

GBPNOK pullback on the 1d chart forming a bullish pinbar that rejects the prior swing low. A horizontal support is also coming across at 9.5327. The 4h chart shows a deep pullback to the 78.4% fibo level of the prior upleg, however also shows a nice bullish pin. Nice continuation setup for a bullish 1-2-3 reversal on the 4h timeframe.

According to the latest change in my trading strategy I have replaced forex majors with European currency pairs. The reason for this was that the trading in European currencies is focused in the EU trading hours (i.e. from 8am to 4pm GMT) therefore there is less chance to get stopped out in the AM and US sessions. To backup my decision I did a little research to see if the above statement is valid. The attached table shows how much the given trading session covers relative to the 24 hours ending with that session.

Based on the data presented in this table, only the Sterling (GBP) and the Canadian (CAD) are satisfying for trading in European trading hours. All the European currency pairs show better trading range distributions meaning wide high-low range in the EU trading with relatively narrow range in the AM session.
The EURGBP, GBPCHF and GBPNOK may suit my trading style the best with the EU trading hours covering more than 80% of the previous two session while the AM hours covering less than half of the range of the preceding EU and US sessions.
I will do a similar comparison of the volatility and trendiness of the there sessions.